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SOLF AGINTS NAN KANG CO. UNION BADG
VOL. III NO. 53
For the Proprfator of '
HONGTONG TELEGRAPH,“ For And on behalf of
SOUTH CHINA MORNING POST, LTD,
thành h
Printer und Kubilaker,
The
FINAL EDITION
Dino At the
P.G..
hongkong Telegraph. 9
Colony's 1947-48 Surplus Likely To Exceed $25 Million
DISCLOSURE MADE AT H.K. BANK MEETING
Addressing shareholders at the annual meeting of the Hongkong and Shanghai Banking Corporation this morning, the Hon A. Morse, Chief Manager, who presided, revealed that the Colony's surplus for the 1947-48 financial year could be expected to amount to be. tween 25 and 30 million dollars. He warned, however, that there would be heavy expenditure commitments to meet in the forth- coming year.
Mr Morse deprecated the lack of currency stability in China, and in referring to her foreign debts declared that China's credit "in eyes of the investor will remain in poor standing until her external debt record is put straight." Dealing with foreign capital coming into China, Mr Morse said that although it had been promised a reasonable return would be allowed to be remitted överseas, no practical steps had yet been taken to permit reasonable profits, nor even properly chargeable foreign currency expenses, to
be remitted.
the
Mr Morac disclosed that the Corporation's business had expanded during the year, and that the profit, amounting to HK$16,595,079 exceeded the previous year by approximately seven million dollars.
Addressing the meeting, the Hon, Balance A. Morse said:
Before dealing with the business before the meeting regret to record the death of Mr A. II. Compton who was for many years a director of the Bank and was well known to most of us here. Our deepest sympathy goes out to Mrs Compton and his family.
Vaners
nt
and
the
and Loss
review. The amount of HKS2 great pleasure that your Directors brings the gure appearing in the payment of a anal dividend of £3
FRIDAY, MARCH 5,-1948,
Search For Victims
For
Reservations
Tel: 27880
Price 20 Centa
JEWISH PATROL AMBUSHED
園
Rescue workers dig in the ruins of the Atlantic Hotel in Jerusalem's Ben Yehuda Street in search for vic- Hms of the bombing that shattered buildings in two blocks in the heart of the city's Jewish business dis- triet. At least 43 were killed and scores of others injured. -AP Wirephoto.
Finns Likely To Bow To Stalin's Request
came
PIX
days that
to
Party Of Seventeen Wiped Out
BRITISH OFFICER KILLED
Jerusalem, Mar. 4. Arabs ambushed a Haganah patrol near Ramallah and killed 17 on Thursday, according to a police report.
Arabs said the Haganah party WAD trying to penetrate the hills to the highway to lay mines when it encountered the Arab defenders. The Jews were kill- ed in a two hour gunfight and Arab casualties are un- known..
Arabs, said the dews were from The army officer was fatally shot Kalandlyn Settlement, which after he went to the nid of a wounded joins the airport where the United Jew, army sources said, adding that Nallons secretaries landed on Wed- Urnt oleor, due to return to England nesday.
soon, was organising a convoy of
The Jews advanced on the hign-Jewish labourers for a dash through way in two parties, the Arabs said, the Arab section. All 17 of the first party were kell The attack came from a corby and the second party le throu Arab house and soldiers returned the nils.
the fire. One Jew 'died in a bus The Arabs took the Jews' gwhich was swept by Arah bullets, and parts of their clothing za 1 theaf officials sald. The second WOS fed the Army to the scene where the picked off by mniper near the edge bodies fell.
of the Jewish quarter-Associated Press.
Known Arub casualties were two wounded,
Haganah sources said they believed that the Arab attackers, who num- bered about 200, intended to start a largescale operation against the two nearby Jewish settlements of Neeveh Yancov and Alarot.
PARTY SURROUNDED
When the Arabs met the Haganai group of 25, they surrounded them, killing 12 Jews on the spot.
When the military arrived on the scene the Arabs already had dis- persed.
the
European Union: New Plan
The Haganah sources deined that) Brussels, Mar. 4.--A new the ambushed detachment was plan for a Western European laying mines and said it had merely Union will be submitted by been on patrol.
Britain and France to the five- According to other sources,
conference Ramallah-Jerusalem road was closely power
here to watched by Jewish Security forces morrow, it was understood to- during the last two days following night. reports that
anti- partition fighters had attempted to
The how proposals-resulting from transport a large nmount
of ex- the latest Anglo-French exchanges plosives to Jerusalem along it. The will be considered by the Benelux roads lendl
Arab
unidentified
mainly through controlled territory.
BRITISH OFFICER KILLED
pawers, whose own draft has already produced "wide agreement" among the delegates.
lomorrow.
Sheet slightly belove that making a total of £5 for the year shown last year after
cemunt
taking Into similar additions during the year 1940.
to that pald for the year under review. In this connection for the hard work they have done Much credit is due to the Staff may mention that there is consider since they resumed their, dulles. able heavy expenditure ahead both Their kecmess, and I may say their with regard to our actual banking enthusiasm, will help us to face the premises and housing tion for
accommoda- future with confidence in spite of the our Staff, so that the re-difficulties with which banking is duction referred to From the Balance Sheet submitted garded
cannot be re- confrunted in many of the countries hn permanent. to you today you will see that our
where we operate. business continues to exparat
Turning to the Prolit Account you will observe the protCompanies
I am glad to say that the Trustee there has been an increase in the
which we established
POLITICAL PARTIES RELUCTANT ariston total of the neemunts during
from current transactions here and in Singapore a little over your nt about £23 millions. Our transfers
during the year, after making certain a year ago are both proving their
Helsinki, Mar. 4.---Finland is likely to agrco Note Issue has increased by over
to Provisions for Con- worth and are actively extending £12 millions and Current and De-
tingencies, amounts to HK$16,505,075 their usefulness.
start negotiations for a military assistance pact with which posit Accounts by over 10 millions previous year by
exceeds our pront for the
Since, our last Meeting
Russia, a Finnish Foreign Office spokesman stated to- we have On the assets side Cash in Hand Is
approximately opened new offers at Kuala Belnii night. He added: "The Parliament, however, have up by £14 millions, Certificates of HK$7 millions,
in Brunei State, Tawau in British
the last word." Indebtedness by £42 mittens, ils
$3 FINAL DIVIDEND
North Borneo and at the Cameron
The Anglo-French draft will be Receivable by E1 million, Invest- In the various countries in which Highlands in Malaya. In Japan we This statement
received
iaita. Mar. 1-Sniper's bullets laid before the conference "During the negotiations, we must, killed a British Army offices and Gladwyn Jebb, of the British-Foreign-
by Mr ments by £265 nillions and Ad- we operate an unparalleled number receive permission. to-re-open-uk-f sfter---¡1 --had--become--known however, work-on-the basis that our two Jews in this city's tense border Omee, when he arrives from London
by
millions, while of constitutional changes have taken Tokyo and Kobe and to start a new Marshat Stalin had written to Pre- people wish £5
to maintain their money at call is down by £place in the past year or are at the Office at Kure to provide banking sident Pansikivi, sugresting a pact neutrality and that their great peace areas on Thursday. millions. The increase in ptár Nol - | moment being fashioned, When one facilities for the British Common-modelled on those signed by Russia loving majority oppose our country
The French Government wha Issue is as you are probably aware considers the upheavals in the East wealth Occupation Forces, We have with Rumania and Hungary.
Joining any bloc."-Reuter.
Sporadic heavy sniping took place "optimistle" over the results of the due to a great extent to the taneerit is surprising that we have been now 48 Offices open but six of our
on the slopes of historic Mount Brussels WHISPERING CAMPAIGN talntics
conference. able to produce such a good Balance pre-war Cifices still remain closed.behind the scenes consultations he-
French. Since last Friday, there have been; present unfortunately
Carmel, Officials said much of the spokesman said in Paris today. attached to the currency of China Sheet and I hope you will agree with NATIONAL ECONOMY
Helsinki, Mar. 1-Whispering sniping came from the Arab sections, and not to any Inflationary tendency | me that the results of the past year
"We look to an economic agree- His Majesty the King,
tween the Finnish political parties campaigns that "reactionary ele-still jittery over the Stern in the Colony during the year under ure
in his and today a second party has agreed munts of the Right are secretly killing of 14 Arubs in a bomb attack Western bloc.
Gung ment very satisfactory.
is with broodenst
which would constitute It
* last Christmas summed up the situation
Day to the negotiations with Russia, planning a coup d'etat " have started on Wednesday.
he added. "This millions written off Bank Premises are today able to recommend
in which the Britain finds itself today in saying showed extreme reluctance to com-
Mos! political parties tonight in several factories here today.
would not be a spectacular gesture, "Here at home the greatness of our mit Finland to a military assistance that the
Parliamentary eireles believe
but something of profound reality. contribution to
victory in in the pact with Russia despite the state- by the pai
were launched measure of our present difficultles."ent.
and drew It is very true that we have only re-
paratel with similar accusations cently begun to realise how seriously
against the Rightwing LEFT-WINGERS EMPHATIC
In Czecho-
BY RADAR slovakia before our great contribution to the victory
the action com- The political parties have the last
millers
their activities. In Europe hus affected our national word in the maiter, and so far only
Finnish economy. Moreover it is now clear the
The Communists und
Lowdon, Mar. 4-The 1,076-tons the extreme
People's Party's: thant nimost
in Antwerp vesset, Topaze, arrived in all
group Lodny Governments Leftwing People's Democrats have Parliamentary Throughout the world under-esti- given President Paasikivi an
formed the President that it will the River Thames at Tilbury early
staggering shock, and was
mated the extent
disaster qualified "yes" to his inquiry whether not object to the Finnish Govern- today after the first English Channel with the crossing ever made entirely by radar easily defended by the
starting
negotiations caused by the total war from which they support the proposed pact. Minister
ment we are now trying to recover. They
nullitary as-navigation. for Civil Aviation in the House of
The Finnish People's Party, after Soviet Union" also neglected to perceive some of
sistance and friendship a three-hours sesalón tonight, could
htt as Communs. The principal explana-
The ship left Ostend yesterday in the consequences. This applies more only tell the President that they Marshal Stalin has proposed. tion advanced was
a thick fog, which normally would thai
tho
Yesterday, particularly to Europe where indus would not object to the negotiations
the Parliamentary Corporation had had to use con-
rial production
have kept her in harbour, and the Democrats for war
People's Group of the verted types of aircraft which
purposes being started". was forced to the highest possible could not be operated economical-
This reply, it was understood, did (the extreme Leftwing party) re-sibility continued so bad that the master saw nothing of other shipping irvel where destruction was on
not satisfy the President, as it did cammended that the President con-until the vessel berthed at Tilbury. ly, but the confident prophesy has
vast geale--and where disoimme not answer the seven points he had clude a pact with the minimum been made that when this position POSICION
Hon
vas for worse than at first sight fixed as a basis for the parties dis- delay,
When the Topaze arrived, exactly British is rectified,
commerclai seemed to be the case.
cussions. aviation will be able to
Agrarians, Liberals, Conservatives on time, the master, Captain de la was concerned. compete
These The Marshall plan is a noble ges-
points included the Buccessfully with all other inter-
and Social
were giving Rue, stated that be hnd had a per- national air lines, and that deliciis
lure which will we hope give the nations in Europe benefiting from will be converted into surpluses. the proposed aid a chance to recom Leaving aside the claim that
struct their economics uneconomical types of aircraft
and so to nchieve freedom from that have primarily been responsible
จงเป which leads to despair and despera- for BOAC's operating losses,
Liar has silli to be recognised that matter bow efficiently long- distance air services are maintain- ed. it is practically Impossible to run them at a profit Long
EDITORIAL
Air Link With Japan
THE
HE announcement that BOAC will be extending its once. named Dragon Route
flying-boal service to Japan before the end of this month gives cause for satis- faction. It han required
17
months for BOAC to put the com- piele United Kingdom-Japan
rouic into commission,.due to 3 variety of problems, use of which allowed any short cut solution. Even now the service must be limited to one flylug-boat each way per week, with the Japan terminal at Iwakuni. It is in- dicated, however, that the ull- mate terminal wii be Tokyo, und it can be presumed that BOAC will enlarge the service to twice a week as soon as possible. Houg kong's interest in the exte
extension of
the civil air service to Japan is something more than sentimental, for it is to be assumed that BOAG and the Post Office will como
to
not
It
no
In
of the
CHINA SITUATION
IL
Un-
SHIP NAVIGATED
MINISTERS TO MEET ́
five delu- Western
Sources close to the gations stated that the European Union treaty will be drawn up rapidly and the preliminary talks will be over by Saturday or Sunday, The same sources added that it was likely that the Foreign Ministers theet the dve countries would Immediately before or immediately after the 10-nations conference on the Marshall Plan, due to
open on March 15, touches to the treaty and signyit,
best
They would then put the finishing It was learned tonight, on the authority. that the military aspect of the treaty, has been scrap- so far as the present conference
aspect of Western Union would
Finland's reduced armed forces could their reply to the President, later feet picture on the radar screen of be discussed when Field Marshal
In any military pact, the today,
all buoys, ships and surrounding Viscount Montgomery, Chief of the suitability of the Russo-itungarian Under the Constitution, the land, and had been able to judge his Imperial General Staff, makes a tour and Russo-Rumunian pacts as models President, must obtain the approval
distances to a few yarris, although of Belgian military catablishment at for the Finnish pact, and the effect of all parties before the Government
from the bridge he had been able the end of this month, it was also on public opinion here of the pro- can begin to negotinic-Reuter. to see nothing at all-Reuter,
learned.Reuter. posed pact.
NO DECISION The Finnish
Poople's Parly
euvering these
In China the situation at the end agreed, however, to give a supple- of hostilities with Japau was differ-
mentary answer, ent from that in Europe. Being pre- points later, dominantly an agricultural country After two long sessions today, the she was in a better position to re- Agrarians, Conservatives
rapidly but the longer period Liberals could not reach a decision
cover
of turmoil which had existed could and adjourned until tomorrow.
Students Union Demands Self-Govt
London, Mar. 4.-The Weat
and African Students Union and
the West African National į
not fail seriously to affect the econo The Social Democrats, after sitting Secretariat demanded on Thurs-
For The Gold Coast
my of the country and its morale. the whole day and promising their day Immediate self-government the capital city of Acera to several nearly 4,000,000.
The rioting, which spread from sixth of the Colony's population of
on a
hops, and the need for incessant maintenance, send operating costs skyward, while the turn-around. compared with short distance Wighta. La slow, and consequence not so remunerative. Indications that the United States There were however fair chances reply Inter tonight, announced: "Our for Britain's tropical Gold Const other towns, has subsided and "all ‚overseas air services are confronted that trade and
would be country has no Industry
A British Government statement with this same
possibility of re- position
restarted wero
un Monday at- given by the plaintive wall which
without any excessive complications fusing at least to negotiate, parti-Colony, where 14 persons were is quiet." the British Colonial Office in the Gover
reported on Thursday.
tributed the rioting to Communist cularly as no information is available killed in rioting last Saturday. has come from a House of Repres and such might have been the case on the terms of the proposed, pact.
incitement. sentatives con-
From an authoritative sub-communities
In a joint statement the organisa was learned that British troops held unrtoy, editor of the West African had it not been for the differences appoint-
This charge, K. A. B. Jones- between the Kuomintang
tions accused the police of firing on in readiness at Gibraltar, probably Students Union Magazine, td "was and the Communists which spread stendly
unarmed and defenceless men.. throughout 1940 and 1947 and deve-
"In view of these circumsiances will not now be sent to the colony. | entirely false and completely mis- loped into an open split in spite of
the people of the Gold Coast rightly ing from Simonatown, South Africa, kading the
fforts of General Marshall and
an arrangement for carrying malls between here to Iwakuni. The demand at the moment may fist he tremendous if malls are to be ex- pressed In terms of kilo weight, but there are a number of Hong kong business interests now being served in Japan whose communi- cations problem will he siderably lightened with the in- troduction of a regular weekly mail service. The vaet BOAC organisation which links England by air to the Continent, Far East, North and South America. South Africa and Australia has by ng means achieved what was hoped for when it was transformed Into a_corporation' under Government charlor. Its loss of £6,000,000 on last year's working came as
ed to report on United
aviation. A. 13 2106 / vil
shore
fore, that extension of BOAC service to Japan
will make, the Unlled Kingdom-Far East route into money-spinner, but the service to date has been creditable enough to add prestige to Britis elvil aviation, and there is no question that the linking of Eng- land to Japan by air will serve general interests,
Imer mean
other mediators.
So for the main areas of distur-
Train Accident: Nine Killed
source it
Two British sloops now are steam-
| demand Immedlole self-government,
Accra. to
Admiralty said it did behind the disorders was a spirit of Well informed sources sold that The the convening of a constituent as not know when they would arrive.
Nationalisation and the exploitation bance remain north of the Yangtze were killed and four were
Brussels, Mar. 4--Nine persons hembly to formulate plans for effect-
Sle Osel Agyeman Prempeh II, badly ing transfer of power, and the re-
of general economie grievances, River nnd from, Shenst Province wounded strain accident early call of the governor," the statement King of Ashanti Central Gold Conet including a high cost of ring and castwards to the coast, but the situs-Thursday at fombes, in Southeastern sald
Province, on Wednesday appealed to low lying standards no longer. tion has deteriorated
tribesmen to since
"be acceptable to veterans who lived The Our Belgium, according to a report by
West African. National pa
calm, Meeting last year.
low peaceful, and Of the wealthy the Belgian railway authorities-Secretariat, is made
under different conditions while up of West (Continued on Page 4)
Associated Press.
| African Nationals In London.
The Ashantis comprise about one. war.-Associated Press,
'serving in empire forces during the
his warlike.
0